GNU Collaborative International Dictionary of English
Found one definition
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Washout (?), n.
1. The washing out or away of earth, etc., especially of a portion of the bed of a road or railroad by a fall of rain or a freshet; also, a place, especially in the bed of a road or railroad, where the earth has been washed away.
[1913 Webster]
2. a complete failure; -- of an enterprise.
[PJC]
3. a person who has failed a course of study or training, leaving the program before its completion.
[PJC]